Wang Huiyao: G20 Hangzhou Needs to Strengthen Globalization

Monday,Sep 05, 2016

From: CCTV NEWS

【VIDEO】Wang Huiyao, President of Center for China and Globalization (CCG) spoke on Global Business CCTV news program about challenges faced by globalization and his expectations for the upcoming G20 summit in Hangzhou. In response to the recent wave of anti-globalization sentiments, Dr. Wang emphasized that globalization is beneficial for all countries and should be strengthened. China is taking a leading role in advocating globalization and the G20 Hangzhou summit is entrusted with a new mandate of tackling these challenges. With the developing countries well-represented, the summit establishes a platform for meaningful discussion between developed and developing countries and is expected to push through substantial progress in global governance and cooperation.

Modern trade deals should move to a more sophisticated version 2.0, which includes globalization, center’s president says. Wang Huiyao insists that, in light of the impending withdrawal of the US from the Trans-Pacific Partnership, trade treaties need to deal better with the complexities of globalization. Wang, who is president of the Center for China and Globalization, China’s largest independent think tank, says the deals now need to be more version 2.0 than 1.0.

Trade friction between China and the US is unavoidable, so while it would not be a major obstacle to the success of the 100-day action plan, it will hinder trade ties moving forward, according to experts.

According to official statistics, more than 70 percent of project leaders working at key national research projects are overseas returnees. A large number of academicians at Chinese Academy of Sciences and at China Academy of Engineering are overseas returnees.